Besieged by debt, the Victoria Racing Club incurs significant expenses to promote and stage the Melbourne Cup carnival, including a Cup tour that circles the globe, paying big international acts to perform and hosting 1250 guests at the Crown Oaks luncheon.
Just weeks after basking in the glory of a bumper Melbourne Cup carnival, the Victoria Racing Club is preparing to slash staff numbers as it attempts to reel in years of spiralling debt.
A crowd of 285,675 people attended the four days - Victoria Derby day , Melbourne Cup day , Oaks day and Champions day .The club has just started a lucrative broadcasting deal with Channel Nine – the owner of this masthead – and said its showcase week delivered more than $468 million to the Victorian economy.
In last year’s annual report, chairman Neil Wilson, who also served as VRC chief executive from January 2018 to November 2020, said Melbourne Cup week was the No.1 “economic generator” of any Australian sporting event, but he did not acknowledge the club’s ongoing debt., who started in the role on September 1, said in an October interview that the club had a “clear desire to be financially independent”.
Racing Victoria chief executive Aaron Morrison said his industry would be looking to save $10 million across the next 12 months by streamlining its media businesses as well as reviewing race programming.
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